Regarding this issue, the State Bank of Vietnam replied to voters in Khanh Hoa province as follows:

In order to create conditions for people (including ethnic minority households) to access more bank credit sources, the Government and the State Bank of Vietnam (SBV) have issued and implemented synchronize many mechanisms and preferential policies to support capital sources, interest rates and procedures, loan documents. Specifically:

The State Bank regularly issues documents to direct credit institutions (CIs) to create favorable conditions for customers to borrow capital in accordance with the provisions of law; promote business model transformation towards application of modern technology, multi-services; activities, digital banking operations, maximum support for businesses and people to easily access modern banking services in a safe and convenient way.

Accordingly, credit institutions have simplified procedures and loan documents, strongly implemented solutions to create favorable conditions for people, especially ethnic minority and mountainous households to access capital loans for production.

In addition, in the field of agriculture and rural areas, credit institutions have promoted the development of credit products and forms of credit granting (such as seasonal loans, loans through groups and groups of political organizations) with increasingly simple procedures to create favorable conditions for people and businesses to access bank credit.

Particularly for ethnic minority households, the State Bank has advised the Government to issue Decree No. 28/2022/ND-CP dated April 26, 2022, on preferential credit policies for the implementation of the National Target Program for socio-economic development in ethnic minority and mountainous areas in the period from 2021 to 2030. Phase 1: From 2021 to 2025, with 6 groups of preferential credit policies implemented at the Vietnam Bank for Social Policies (VBSP); including groups of policies on production support such as: Loans to support production land and job change; investment loans, support for the development of areas growing precious medicinal herbs; loans to support production development along the value chain. People who borrow money from this program will be guided by VBSP on the application, process and loan procedures, ensuring that it is simple, clear, and easy to implement.

More than 1.4 million households are enjoying the credit program

In addition, poor ethnic minority households can get loans for production and business from state policy credit programs implemented at VBSP such as lending to poor households, lending to near-poor households, lending new households out of poverty...

As of July 31, 2022, the outstanding balance of credit programs serving production and business needs to create livelihoods and jobs reached VND 200,979 billion, accounting for 73.5% of the total outstanding loans at VBSP. Of which, over 1.4 million customers who are ethnic minority and mountainous households are enjoying most of the credit programs at VBSP with a total outstanding balance of VND 66,946 billion, accounting for 24.5% of the total outstanding loans at VBSP.

In order for people to easily access credit capital for production, in addition to the efforts of the banking industry, procedures related to lending activities under the jurisdiction of other agencies are adjusted by other provisions of law such as: the issuance of certificates of land use rights, attached to land, registration of security transactions, audit of financial statements... need more active coordination from ministries, branches and localities, to facilitate credit institutions to shorten the time to consider and decide on loans.